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May 16, 2016

Bordeaux en Primeur 2015 – Review

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Over the last two weeks the 2015 en primeur campaign has seen several high profile releases selling out globally. Bordeaux traditionally price a vintage according to its quality and as such a price increase for the 2015 was expected, the question is how much? This consideration must take into account the 9% swing in Euro/Pound exchange rate .72 to .79 since last year. The releases we have seen from most major estates is encouraging.

The major general releases this year to date have been Beychevelle, Pape Clement, Gazin, d’Amailhac, Valandraud and the surprise, Malescot Saint Exupery. The aforementioned wines have released, ex-London, on average 24% higher than the average 2014 release price: the highest Valandraud 27% the lowest Gazin 18%. However, since release last year the aforementioned 2014 wines have increased on average 6.5%. Therefore, the 2015 release prices are only 18% higher than the current trading levels. If we deduct the change in FX they have been released at a 9% increase, extremely appealing resulting in the Asian, US and the Swiss markets selling out in hours, followed by the UK and the rest of Europe. This is very encouraging, as we posited that anything between 20-30% would make for an exciting campaign!

2015 vs 2010, 2009 and 2005

The 2015 vintage is now being considered qualitatively alongside the 2010, 2009, 2005 and 2000 and as such it is instructive to compare the major releases so far to these past greats. The average release price of the six major releases in 2015 are 42% below the average current trading price of the 2010 vintage, 35% below the 2009 and 44% below the 2005s. As such they offer a real discount to collectors who want to secure a great vintage for future consumption, or for investment and resale and we can use the releases so far as a guide for the rest of the campaign, which will lead to a good deal of excitment coming back to Bordeaux.

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Pape Clement and Malescot Saint Exupery have sold out, however, we still have small quantities of Beychevelle, Gazin, Valandraud and d’Armailhac. All available as 6×75 and larger formats.

Beychevelle 2015, 12x75cl £530 – 92-94 Pts

Beychevelle was one of the earliest releases, 27% above the 2014 release price of £415, at £530 per case of 12. It has been awarded 92-94 points and presents a 20% and 30% discount to the similar scoring 94 point 2010 and 93 point 2009 respectively. Since last year the last ten vintages of Beychevelle have risen in price by an average of 15% and Beychevelle 2015 stands a good chance of being their finest vintage ever. This is a strong buy!

Gazin 2015, 12x75cl, £470 – 94-96 Pts

Gazin’s 2015 release price is £470 per case of 12 bottles or £39.16 per bottle. The 2015′s  release price of £470 provides a 27% and 30% discount to the current trading price of the 2010 and 2009 vintages respectively which have been awarded the same score. Gazin was released before Neal Martin published his score of 94-96, making it one of their greatest ever vintages.

Valandraud 2015, 12x75cl £1,100 – 95-97 Pts

Valandraud released at £1,100 per 12, a 27% increase to the 2014 release price but 22% above its current trading price, it has risen to £895 over the last 12 months. It has been awarded the same score as Angelus (95-97 points). Valandraud 2015 offers a very good discount to the other top vintages; the 97+ scoring 2010 trades for £2,100 per case and the 96 point 2009 trades at £1,700 making the release price of Valandraud very appealing from an investment perspective. To add to this appeal, only 1,500 cases are produced each year which is even less than Petrus’ 2,500 cases!

Please click here to view all releases http://www.igwines.com/content/en-primeur/